Finance Adviser Shaikh urges on improving governance

Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has said that the country cannot move forward without improving governance, so for a modern Pakistan, governance at the federal and provincial levels must be improved.

Finance Advisor Abdul Hafeez Shaikh in a video link address to The Futures Summit on Wednesday said that progress is difficult without understanding the past, Pakistan's 72-year history has not been politically stable and no Prime Minister has been able to fulfill his term. He said that despite the country being rich in natural resources the question remains as to why the people of a resource-rich country are poor.

Shaikh said that despite the Coronavirus pandemic, the Pakistani economy performed positively, the government distributed financial assistance to the beneficiaries under the Ehsas program and provided a special package for the business community to mitigate the COVID-19 impact.

The Finance Adviser said that the present government is focused on promoting exports and foreign investment. The government has taken several steps to increase exports, provide cheap loans and refunds of Rs. 250 billion last year.

The country will now be able to use surplus electricity at a discounted tariff. If there is additional production of industries, it will also help in economic development.

Hafeez Shaikh said that everyone has to work together for the development of the economy while they cannot move forward without improving governance. Therefore, for a modern Pakistan, it is necessary to improve governance at the federal and provincial levels.

Earlier, Shaikh has said an International Monetary Fund (IMF) mission will be arriving in Pakistan in the next few weeks, and discussions will be structured how to move ahead on revenue mobilisation and power sector reforms.

The adviser also revealed that fiscal deficit during the four months of the current fiscal year stood at Rs758 billion, and stated that the basic understanding with the IMF was how to move ahead insofar as increase in tax collection and improvement in power sector were concerned.